The Triangle real estate market has been very busy since 2012. The number of properties for sale that have received multiple offers continues to be high in areas that have a shortage of what I call “quality inventory”.
Quality inventory means homes that are updated and staged properly and are priced competitively.
Multiple offers are when the seller has more than one offer to negotiate at the same time.
1) Price: Work with your agent to determine what price you should offer. Keep in mind that the seller will note if you ask them to pay any closing costs, home warranty or any type of allowance for decorating or known repairs/updates.
2) Dates: Make sure your dates are accurate, including the closing date and dates for loan approval and inspection items which are all included in the due diligence date on the NC contract.
3) Deposits: The amount of the due diligence and/or earnest money deposits can be relevant in a multiple offer situation. Discuss with your agent what strategy to use for deposits.
- How much of a down payment do you plan on putting down?
- Do you have a pre-qualification or pre-approval letter from your lender for either the specific property address or the price you offer?
5) Complete offer: All fields should be filled in with required addenda and no missing paperwork. Many sellers have the type of job where this is held in high regard so if you are missing any forms or have paperwork filled out in a sloppy manner, they might decide you are not the best of the buyers they have to choose from.
Bottom Line. If you want to have the sellers choose your offer, you have to get noticed and be able to back it up with other strong features in your offer.
Remember that the seller may choose to work with your offer but may not accept it as written. The seller may offer an opportunity for all buyers to submit their highest and best offer before deciding. The seller may choose which offer to work with based on any criteria so it is often not a first come, first served basis.
How About You? Have you ever been in a multiple offer situation as a buyer? Please respond below.